GBTC Sees $600M Outflow Day After Bitcoin ETFs Set Record Net Inflows of $673M
Grayscale’s spot Bitcoin exchange-traded fund (ETF) (GBTC) has seen a slow trading day experiencing net outflows of almost $600 million on Thursday, making this the second largest outflow day since 11th Jan 2024, according to data posted by Farside investors.
The total GBTC outflows since 11 January now stand at $8,406.3 million.
Reported GBTC outflow on 29th Feb 2024 is almost US$600m. This is the 2nd largest outflow day since 11th Jan 2024.
Total GBTC outflow since 11th Jan 2024 now US$8,406.3m https://t.co/qI3CJ1fnwr pic.twitter.com/qyc7odC30c
— Farside Investors (@FarsideUK) February 29, 2024
In contrast, the ten spot Bitcoin exchange-traded funds (ETFs) saw a record inflow of $673.4 million on Wednesday, driven mostly by BlackRock received $612.1 million in inflows, according to BitMEX Research data posted on X.
At the time of press, the data on net inflows into all other nine spot Bitcoin ETFs on Thursday has not been reported.
GBTC ETF outflows could be linked to the bankrupt crypto lender Genesis having approved to sell its GBTC shares. “Gonna assume some of this is from Genesis ? $600 million out of GBTC,” posted Bloomberg analyst James Seyffart on X.
For the first time since November 2021, Bitcoin price topped $64,000. During the US session, Bitcoin price has been exhibiting a slight bearish correction, giving up most of its gain to trade at $60,750, a 0.70% increase over the last 24 hours.
Bitcoin spot ETFs are continuing to gain momentum. BlackRock’s IBIT has doubled its personal record on the third consecutive day with $3.3 billion in trading volume. Fidelity’s spot Bitcoin ETF also doubled its previous record with $1.4 billion trading volume on the same day, Bloomberg analyst James Seyffart posted on X earlier
